[vc_row][vc_column][vc_column_text]

TriumphFX Broker Review

TriumphFX may not be secure, we suspect. Even though the company is regulated, it nonetheless has unregulated offshore branches. The financial con artist is overseen by CySEC and the Financial Services Authority (FSA) of the Seychelles and is owned by Triumph Int. (SC) Limited.

Broker status: Regulated Offshore Broker
Regulated by: Seychelles’ FSA, CySEC
Blacklisted as a Scam by: OJK, MAS, SC
Owned by: TRIUMPH INT. (SC) LIMITED
Headquarters Country: Cyprus, Seychelles
Foundation year: 2009
Supported Platforms: MT4 & WebTrader
Minimum Deposit: 100 USD
Cryptocurrencies: No
Types of Assets: Forex, Indices, Commodities
Maximum Leverage: 1:30 (retail) & 1:500 (professional)
Free Demo Account: Available
Accepts US clients: Yes

Certain clients are protected by the CySEC license, however the issue is the offshore offices. There are a lot of possibilities for scam due to the regulatory rules.

The FSA only needs 50,000 dollars as the minimal capital to begin operations in Seychelles. Customers might not always receive segregated money, negative balance protection, or even indemnity because the regulator isn’t as tough as some of its US or European competitors. The broker targets mostly Asian traders with its Forex and CFD scam schemes. Complaints and warnings have damaged the reputation of TriumphFX.

Licenses 

Online rumors claim that Hermes Leong, a prominent Singaporean con artist, is the creator of TriumphFX. The fraudster was detained for a 2018 plot, and is now facing prosecution in Singapore. On March 29, 2022, it began. 

According to the charge sheet, Leong attempted to convince people to invest in a “foreign exchange trading scheme” with Triumph Global (Asia) Limited, a Hong Kong company, and Union Markets Limited, a New Zealand company, despite the fact that neither company was actually engaged in any actual foreign exchange trading. 

You can see here that the dubious entity was added to the Hong Kong regulator SFC’s alert list in 2015:

Trading Software

Meta Trader 4 and WebTrader are the two platforms that TriumphFX provides. The former is standard practice in the trading sector. Numerous cutting-edge services, like automated trading and real-time market reports, are available.

However, the latter is a straightforward browser-based platform with simply the most fundamental charts and indicators. It’s suitable for beginners only.

TriumphFX’s Mobile App

The broker does also provide mobile trading. Through the official app, MT4 can be downloaded on both iOS and Android devices. Because WebTrader is online, a mobile device can also access it.

Mobile trading is useful for making quick adjustments, but we’d generally advise desktop trading. Considering everything that has been written about the broker in this review, please use TriumphFX with caution.

Trading Instruments

In terms of assets, TriumphFX provides CFD trading for commodities and indices as well as Forex currency pairings. Stocks, ETFs, and cryptocurrencies do not exist. Here is a list of the trading options offered by the broker: 

• Forex currency pairs – EUR/USD, AUD/USD, GBP/USD…
• Commodities – UKOIL, XAG/USD (silver), XAU/USD (gold)…
• Indices – EU50.VAR, AUS200.VAR, HK50.VAR… 

TriumphFX Account Types

When it comes to account types, TriumphFX offers three different options as well as a free demo account:

• Classic – min. deposit of 100 $;
• Gold;
• Premium;

Each account type offers leverage up to 1:30, spreads beginning at 0.1 pip, over 64 instruments, negative balance protection, and more. Leverage settings can be increased up to 1:500 for professional clients.

That’s great but it applies only to the CySEC-regulated broker. By convincing you to invest with its offshore branch in the Seychelles, TriumphFX can easily deceive you. You are less secure than with the onshore counterpart and laws are more loose in this case.

Furthermore, there’s a possibility that TriumphFX’s offshore provider will try to force you to turn over control of your account to a manager, which would prevent you from trading at all. Be cautious because your entire account could disappear.

Funds Security

The broker is obligated by law to keep customer funds separate. According to TriumphFX, it keeps the funds “segregated client accounts, separate from the firm’s own money in compliance with the client money rules of the CySEC.”

Remember that CySEC is the only cause of this. The Seychelles branch’s narrative is distinct. Offshore entities can even hold client funds in their own account and are not required to keep them segregated. Consider this: What will happen to your money if the entity suddenly vanishes?

Negative Balance Protection

Here, the same probably applies. In the event that your account balance reaches zero, the broker domiciled in Cyprus will keep you protected. The Seychelles branch, on the other hand, doesn’t give a damn about it. 

Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]